New financing boosts outlook for Monitronics
DALLAS - Monitronics International has completed a $500 million refinancing of its debt facilities. The refinancing brings to more than $600 million the companyÃ¢â‚¬â„¢s total debt and equity raised since its inception in 1994.
Included in the new financing was a private placement of $160 million of senior subordinated notes and a $320 million credit facility.
Some of the proceeds from MonitronicsÃ¢â‚¬â„¢ refinancing were used to repay the companyÃ¢â‚¬â„¢s existing bank credit facility and to redeem certain subordinated notes. The balance will be used for general corporate purposes, including the expansion of MonitronicsÃ¢â‚¬â„¢ customer base through the acquisition of long-term monitoring agreements from authorized dealers.
Ã¢â‚¬Å“With todayÃ¢â‚¬â„¢s tight capital markets, we appreciate that the investment community has confidence in our past results, strategy, and business plan to allow for such an initiative,Ã¢â‚¬Â said Jim Hull, president and chief executive officer.
Vice President and Chief Financial Officer Michael Meyers said the company is not actively pursuing additional financing, but would continue to keep its options open.
Ã¢â‚¬Å“I think weÃ¢â‚¬â„¢re well capitalized to grow the company going forward. WeÃ¢â‚¬â„¢ve got the capital structure in place to continue to grow the company for several years,Ã¢â‚¬Â he said. Ã¢â‚¬Å“If thereÃ¢â‚¬â„¢s alternatives to rebalance that capital structure a little bit, weÃ¢â‚¬â„¢re going to take advantage of those opportunities.Ã¢â‚¬Â